TREASURY LAWS AMENDMENT (2021 MEASURES NO. 5) BILL 2021

2019-2020-2021

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Treasury Laws Amendment (2021

Measures No. 5) Bill 2021

No. , 2021

(Treasury)

A Bill for an Act to amend the law relating to

taxation, deal with consequential and transitional

matters arising from the enactment of the

Corporations Amendment (Corporate Insolvency

Reforms) Act 2020

, make miscellaneous and

technical amendments of the law in the Treasury

portfolio, and for related purposes

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

Contents

Short title ........................................................................................... 1

Commencement ................................................................................. 2

Schedules ........................................................................................... 3

Schedule 1--Australian Screen Production Incentive Reforms

Income Tax Assessment Act 1997

Schedule 2--Consequential and transitional matters arising

from corporate insolvency reforms

Australian Securities and Investments Commission Act 2001

Banking Act 1959

Corporations (Aboriginal and Torres Strait Islander) Act 2006

Corporations Act 2001

Crimes (Taxation Offences) Act 1980

Customs Act 1901

Education Services for Overseas Students Act 2000

Excise Act 1901

Export Control Act 2020

Fair Entitlements Guarantee Act 2012

Income Tax Assessment Act 1997

Insurance Act 1973

Life Insurance Act 1995

Superannuation Industry (Supervision) Act 1993

Tax Agent Services Act 2009

Schedule 3--Miscellaneous and technical amendments

Part 1--Amendments commencing day after Royal Assent

Division 1--New Zealand auditors

Corporations Act 2001

Division 2--Country by country reporting

Income Tax Assessment Act 1997

Division 3--Recovery of overpayments

Superannuation (Unclaimed Money and Lost Members) Act 1999

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

Division 4--Consumer protections

Australian Securities and Investments Commission Act 2001

Division 5--Civil penalties

Australian Securities and Investments Commission Act 2001

Corporations Act 2001

Insurance Contracts Act 1984

National Consumer Credit Protection Act 2009

Division 6--Loss carry back choice

Income Tax Assessment Act 1936

Income Tax Assessment Act 1997

Division 7--Franking account balance

Income Tax Assessment Act 1997

Division 8--Protected information

Foreign Acquisitions and Takeovers Act 1975

Division 9--Extension of decision period

Foreign Acquisitions and Takeovers Act 1975

Division 10--Temporary full expensing

Income Tax (Transitional Provisions) Act 1997

Part 2--Amendments commencing the first 1 January, 1 April,

1 July or 1 October to occur after Royal Assent

Division 1--Repeal of redundant provisions

Income Tax Assessment Act 1997

Taxation Administration Act 1953

Division 2--GST free cars

A New Tax System (Goods and Services Tax) Act 1999

A New Tax System (Luxury Car Tax) Act 1999

Division 3--Agents of covered entities

Taxation Administration Act 1953

Division 4--Deductible gift recipient

Income Tax Assessment Act 1997

Division 5--Expired deductible gift recipients

Income Tax Assessment Act 1997

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

iii

Division 6--Deductible gift recipient

Income Tax Assessment Act 1997

Division 7--Minor amendment

Taxation Administration Act 1953

Division 8--Finance leases

Income Tax Assessment Act 1997

Division 9--Low pool value

Income Tax (Transitional Provisions) Act 1997

Division 10--Refund of excess low balance fees

Income Tax Assessment Act 1997

Part 3--Other amendments

Division 1--Delegation

Life Insurance Act 1995

Division 2--KiwiSaver scheme

Superannuation (Unclaimed Money and Lost Members) Act 1999

Division 3--Amendments of the Treasury Laws Amendment

(Registries Modernisation and Other Measures) Act 2020

Treasury Laws Amendment (Registries Modernisation and Other

Measures) Act 2020

Division 4--Amendments of the Treasury Laws Amendment (2020

Measures No. 6) Act 2020

Treasury Laws Amendment (2020 Measures No. 6) Act 2020

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

A Bill for an Act to amend the law relating to

taxation, deal with consequential and transitional

matters arising from the enactment of the

Corporations Amendment (Corporate Insolvency

Reforms) Act 2020

, make miscellaneous and

technical amendments of the law in the Treasury

portfolio, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act is the

Treasury Laws Amendment (2021 Measures No. 5)

Act 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

2 Commencement

(1) Each provision of this Act specified in column 1 of the table

commences, or is taken to have commenced, in accordance with

column 2 of the table. Any other statement in column 2 has effect

according to its terms.

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. Sections 1 to 3

and anything in

this Act not

elsewhere covered

by this table

The day this Act receives the Royal Assent.

2. Schedule 1

The first 1 January, 1 April, 1 July or

1 October to occur after the day this Act

receives the Royal Assent.

3. Schedule 2

The day after this Act receives the Royal

Assent.

4. Schedule 3,

Part 1

The day after this Act receives the Royal

Assent.

5. Schedule 3,

Part 2

The first 1 January, 1 April, 1 July or

1 October to occur after the day this Act

receives the Royal Assent.

6. Schedule 3,

Part 3, Division 1

The later of:

(a) the first 1 January, 1 April, 1 July or

1 October to occur after the day this Act

receives the Royal Assent; and

(b) 1 January 2022.

7. Schedule 3,

Part 3, Division 2

The later of:

(a) the start of the day after this Act receives

the Royal Assent; and

(b) immediately after the commencement of

Part 1 of Schedule 2 to the

Treasury

Laws Amendment (2020 Measures No. 5)

Act 2020

8. Schedule 3,

Part 3, Division 3

Immediately after the commencement of

section 2 of the

Treasury Laws Amendment

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

(Registries Modernisation and Other

Measures) Act 2020

9. Schedule 3,

Part 3, Division 4

Immediately after the commencement of

section 2 of the

Treasury Laws Amendment

(2020 Measures No. 6) Act 2020

Note:

This table relates only to the provisions of this Act as originally

enacted. It will not be amended to deal with any later amendments of

this Act.

(2) Any information in column 3 of the table is not part of this Act.

Information may be inserted in this column, or information in it

may be edited, in any published version of this Act.

3 Schedules

Legislation that is specified in a Schedule to this Act is amended or

repealed as set out in the applicable items in the Schedule

concerned, and any other item in a Schedule to this Act has effect

according to its terms.

Schedule 1

Australian Screen Production Incentive Reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

Schedule 1--Australian Screen Production

Incentive Reforms

Income Tax Assessment Act 1997

1 Paragraph 376-2(3)(a)

Repeal the paragraph, substitute:

(a) the amount of the producer offset is:

(i) if the film is a feature film that was produced for

commercial exhibition to the public in cinemas--40%

of the company's qualifying Australian production

expenditure on the film; and

(ii) otherwise--30% of the company's qualifying

Australian production expenditure on the film; and

2 Paragraph 376-45(5)(a)

Omit "$500,000", substitute "$1 million".

3 Paragraph 376-55(2)(a)

Omit "not a series or a season of a series", substitute "not covered by

paragraph (b) or (c)".

4 Paragraphs 376-55(2)(b) and (c)

After "series", insert "other than a drama series".

5 Paragraphs 376-60(a) and (b)

Repeal the paragraphs, substitute:

(a) if the

film is a

feature film that was produced for

commercial exhibition to the public in cinemas--40%; or

(b) otherwise--30%;

6 Subparagraph 376-65(2)(b)(i)

Before "exhibition", insert "commercial".

Australian Screen Production Incentive Reforms

Schedule 1

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

7 Subparagraph 376-65(5)(a)(iii)

Before "the series", insert "in the case of a series other than a drama

series--".

8 Subparagraph 376-65(5)(b)(iii)

Before "the series", insert "in the case of a series other than a drama

series--".

9 Subsection 376-65(6) (table item 1)

Repeal the item, substitute:

film that is

feature-length

$1 million

not applicable

10 Subsection 376-65(6) (cell at table item 2, column headed

"For this type of film ...")

Repeal the cell, substitute:

A single episode

program that:

(a) is not a

documentary;

and

(b) is not

feature-length

11 Subsection 376-65(6) (cell at table item 3, column headed

"For this type of film ...")

Repeal the cell, substitute:

A single episode

program that:

(a) is a

documentary;

and

(b) is not

feature-length

12 Section 376-135 (cell at table item 4, column headed

"except to the extent to which the expenditure is ...")

Repeal the cell.

Schedule 1

Australian Screen Production Incentive Reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

13 Subsection 376-150(1) (at the end of the cell at table

item

2, column headed "Type of expenditure")

Add:

[see subsection (3)]

14 At the end of section 376-150

Add:

(3) Expenditure incurred by the company to acquire copyright, or a

licence in relation to copyright, is covered by item 2 of the table in

subsection (1) only to the extent to which it does not exceed 30%

of the total of all the company's

production expenditure on the

film.

15 Subsection 376-165(1)

Omit "(1)".

16 Subsection 376-165(1) (table item 1)

Repeal the item.

17 Subsection 376-165(2)

Repeal the subsection.

18 Subsection 376-170(2) (table item 1)

Repeal the item.

19 Subsection 376-170(2) (cell at table item 2, column headed

"Type of expenditure")

Repeal the cell, substitute:

Travel to Australia and other countries

expenditure of the company in relation to an individual's travel to

Australia to undertake activities in relation to the

making of the

film.

20 Subsection 376-170(2) (table item 4)

Repeal the item.

Australian Screen Production Incentive Reforms

Schedule 1

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

21 Subsection 376-170(2) (table item

7, column headed "Type

of expenditure", paragraph (c))

Omit "re-versioning", substitute "no more than one re-version of".

22 Subsections 376-170(3) and (3A)

Repeal the subsections.

23 Paragraph 376-170(4)(b)

Omit "subject to subsection (4A),".

24 Paragraph 376-170(4)(c)

Omit "for a series or a season of a series", substitute "for a series other

than a drama series, or a season of a series other than a drama series".

25 Subsection 376-170(4A)

Repeal the subsection.

26 Subsection 995-1(1) (definition of

feature film

)

Repeal the definition, substitute:

feature film

includes a

film that is an animated feature film, but

does not include a film that is not

feature-length.

27 Subsection 995-1(1)

Insert:

feature-length

: a

film is

feature-length

if:

(a) if the film is a large format film--the film is at least 45

minutes in duration; and

(b) otherwise--the film is more than 60 minutes in duration.

28 Application of amendments

The amendments made by this Schedule apply:

(a) in respect of the tax offset under section 376-10 (the location

offset) or the tax offset under section 376-55 (the producer

offset)--to films commencing principal photography on or

after 1 July 2021; and

Consequential and transitional matters arising from corporate insolvency reforms

Schedule 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

Schedule 2--Consequential and transitional

matters arising from corporate

insolvency reforms

Australian Securities and Investments Commission Act 2001

1 Section 15

After "Corporations Act", insert "or regulation 5.5.05 of the

Corporations Regulations 2001

2 In the appropriate position

Insert:

Part 36--Application provision relating to the

Treasury Laws Amendment (2021

Measures No. 5) Act 2021

336 Application--reports of liquidators

The amendment of section 15 of this Act made by Schedule 2 to

the

Treasury Laws Amendment (2021 Measures No. 5) Act 2021

applies in relation to reports lodged before, on or after the

commencement of that Schedule.

Banking Act 1959

3 Subsection 5(1) (paragraph (c) of the definition of

external

administrator

)

Omit "manager;", substitute "manager.".

4 Subsection 5(1) (paragraph (d) of the definition of

external

administrator

)

Repeal the paragraph.

Schedule 2

Consequential and transitional matters arising from corporate insolvency

reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

Corporations (Aboriginal and Torres Strait Islander) Act

2006

5 After paragraph 120-1(1)(f)

Insert:

(fa) if a restructuring practitioner for the corporation has been

appointed--leaving it at, or posting it to, the address of the

restructuring practitioner in the most recent notice of that

address lodged with the Registrar; or

6 After subparagraph 386-60(3)(a)(i)

Insert:

(ia) appointing a restructuring practitioner for the Aboriginal

and Torres Strait Islander corporation; or

7 Subsection 421-1(4) (subparagraph (b)(iii) of the definition

exempt document

)

After "Corporations Act", insert "and regulation 5.5.05 of the

Corporations Regulations 2001

8 Section 482-

1 (paragraph beginning "There are basically")

Omit "4 ways", substitute "5 ways".

9 Section 482-1

After:

(c)

An administrator for the corporation may be appointed

under Part 5.3A of the Corporations Act (as applied by

Part 11-4 of this Act).

insert:

(ca)

A restructuring practitioner for the corporation may be

appointed under Part 5.3B of the Corporations Act (as

applied by Part 11-4A of this Act).

10 Paragraph 487-1(3)(b)

Repeal the paragraph, substitute:

Consequential and transitional matters arising from corporate insolvency reforms

Schedule 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

(b) may make a determination under subsection (1) even if the

corporation is:

(i) being administered under Part 5.3A of the Corporations

Act (as applied by section 521-1 of this Act); or

(ii) under restructuring under Part 5.3B of the Corporations

Act (as applied by section 522-1 of this Act).

11 After subsection 496-10(2)

Insert:

(2A) Subsection (1) does not apply to the extent to which the person is

performing or exercising, or purporting to perform or exercise, a

function or power as restructuring practitioner for a restructuring

plan made by the corporation under Part 5.3B of the Corporations

Act (as applied by section 522-1 of this Act).

Note:

A defendant bears an evidential burden in relation to the matter in

subsection (2A) (see subsection 13.3(3) of the

Criminal Code

12 After subsection 496-15(3)

Insert:

(3A) Subsection (2) does not apply to a transaction or dealing affecting

property of the corporation if:

(a) the corporation has made a restructuring plan under Part 5.3B

of the Corporations Act (as applied by section 522-1 of this

Act) that has not terminated; and

(b) the restructuring plan specifies how the property is to be dealt

with; and

restructuring plan.

13 Subsection 496-15(6) (note)

Repeal the note, substitute:

Note:

This means that a receiver, or an administrator appointed under

Part 5.3A of the Corporations Act (as applied by section 521-1 of this

Act), cannot enter into any transactions or dealings without the

consent of the special administrator or an order of the Court.

Schedule 2

Consequential and transitional matters arising from corporate insolvency

reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

14 After Part 11-4

Insert:

Part 11-4A--Restructuring of an Aboriginal and

Torres Strait Islander corporation

Division 522--Restructuring of an Aboriginal and Torres

Strait Islander corporation

522-1 Applying Corporations Act restructuring provisions to

Aboriginal and Torres Strait Islander corporations

(1) The Corporations Act restructuring provisions apply to an

Aboriginal and Torres Strait Islander corporation as if the

following substitutions were made:

Substitutions to be made

Item

For a reference to ...

substitute a reference to ...

a company

an Aboriginal and Torres Strait

Islander corporation

ASIC

the Registrar

a deed of company arrangement

a deed of corporation arrangement

(2) The Corporations Act restructuring provisions apply to an

Aboriginal and Torres Strait Islander corporation:

(a) only to the extent to which they are capable of applying to an

Aboriginal and Torres Strait Islander corporation; and

(b) with the modifications specified in the regulations.

(3) Regulations made for the purposes of paragraph (2)(b) must not:

(a) increase, or have the effect of increasing, the maximum

penalty for any offence; or

(b) widen, or have the effect of widening, the scope of any

offence.

(4) In this Act:

Corporations Act restructuring provisions

means:

Consequential and transitional matters arising from corporate insolvency reforms

Schedule 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

(a) Part 5.3B of, and Schedule 2 to, the Corporations Act; and

(b) the other provisions of that Act (including Parts 1.2, 5.8, 5.9

and 9.4 and Schedule 3 but not including Parts 1.1, 1.1A and

9.4A) to the extent to which they relate to the operation of

Part 5.3B of, and Schedule 2 to, that Act; and

purposes of Part 5.3B of, and Schedule 2 to, that Act and the

provisions referred to in paragraph (b).

522-2 Corporations Act restructuring practitioner cannot be

appointed if special administrator appointed

(1) A restructuring practitioner for an Aboriginal and Torres Strait

Islander corporation cannot be appointed under Part 5.3B of the

Corporations Act (as applied by section 522-1 of this Act) if:

(a) the corporation is under special administration under

Part 11-2; or

(b) the Registrar:

(i) has given the corporation a notice under

subsection 487-10(1); and

(ii) has not given the corporation a notice under

subsection 487-10(5).

(2) Paragraph (1)(b) does not apply if the Registrar has consented in

writing to the appointment of the restructuring practitioner under

Part 5.3B of the Corporations Act (as applied by section 522-1 of

this Act).

(3) A consent under subsection (2) to the appointment of a

restructuring practitioner is not a legislative instrument.

522-3 Effect of appointment of special administrator--Aboriginal

and Torres Strait Islander corporation under

restructuring

If:

(a) a restructuring practitioner for an Aboriginal and Torres

Strait Islander corporation is appointed under Part 5.3B of the

Corporations Act (as applied by section 522-1 of this Act);

and

Schedule 2

Consequential and transitional matters arising from corporate insolvency

reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

(b) while that appointment continues, a special administrator for

the corporation is appointed under Part 11-2; and

corporation has not made a restructuring plan;

the restructuring of the corporation under Part 5.3B of the

Corporations Act (as applied by section 522-1 of this Act) ends on

the day on which the special administrator is appointed.

522-4 Effect of appointment of special administrator--Aboriginal

and Torres Strait Islander corporation subject to

restructuring plan

(1) This section applies if:

(a) an Aboriginal and Torres Strait Islander corporation makes a

restructuring plan under Part 5.3B of the Corporations Act

(as applied by section 522-1 of this Act); and

(b) before the plan terminates, a special administrator for the

corporation is appointed under Part 11-2.

(2) The Court may order that the restructuring plan is to terminate.

(3) The order may be made on the application of:

(a) the Registrar; or

(b) the special administrator for the corporation; or

(4) The order may be made subject to conditions.

Effect of termination of restructuring plan

(5) If the Court orders that the restructuring plan is to terminate, any

admissible debt or claim that has not been dealt with in accordance

with the restructuring plan is taken to be due and payable on the

business day after the day on which the termination occurs.

(6) In this section:

admissible debt or claim

has the same meaning as in the

Corporations Regulations 2001

Consequential and transitional matters arising from corporate insolvency reforms

Schedule 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

15 After paragraph 576-10(1)(d)

Insert:

(da) a restructuring practitioner for an Aboriginal and Torres

Strait Islander corporation; or

(db) a restructuring practitioner for a restructuring plan made by

an Aboriginal and Torres Strait Islander corporation; or

16 After subparagraph 683-1(3)(d)(iii)

Insert:

(iiia) a person appointed as a restructuring practitioner for the

corporation, or for a restructuring plan made by the

corporation, under Part 5.3B of the Corporations Act (as

applied by section 522-1 of this Act); or

17 Section 700-1 (after subparagraph (j)(iv) of the definition

affairs

)

Insert:

(iva) the body is under restructuring; or

(ivb) a restructuring plan made by the body has not yet

terminated; or

18 Section 700-1 (after subparagraph (k)(v) of the definition

affairs

)

Insert:

(va) such a restructuring practitioner for the body; or

(vb) a restructuring practitioner for such a restructuring plan;

19 Section 700-1

Insert:

Corporations Act restructuring provisions

has the meaning given

by subsection 522-1(4).

20 Section 700-1 (paragraph (a) of the definition of

examinable affairs

)

After "administration", insert ", restructuring".

Schedule 2

Consequential and transitional matters arising from corporate insolvency

reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

21 Section 700-1 (after paragraph (c) of the definition of

remuneration

)

Insert:

(ca) a restructuring practitioner for the corporation;

(cb) a restructuring practitioner for a restructuring plan made by

the corporation;

22 Section 700-1

Insert:

restructuring plan

(a) in relation to an Aboriginal and Torres Strait Islander

corporation--means a plan executed by the corporation under

Part 5.3B of the Corporations Act (as applied by

section 522-1 of this Act), or such a plan as varied and in

force from time to time; or

(b) in relation to a body corporate other than an Aboriginal and

Torres Strait Islander corporation--means a plan executed by

the body corporate under Part 5.3B of the Corporations Act,

or such a plan as varied and in force from time to time.

restructuring practitioner

(a) in relation to an Aboriginal and Torres Strait Islander

corporation but not in relation to a restructuring plan:

(i) means a small business restructuring practitioner for the

corporation appointed under Part 5.3B of the

Corporations Act (as applied by section 522-1 of this

Act); and

(ii) if 2 or more persons are appointed under that Part as

small business restructuring practitioners for the

corporation--has a meaning affected by

paragraph 456M(2)(b) of that Act as so applied; or

(b) in relation to a restructuring plan made by an Aboriginal and

Torres Strait Islander corporation:

(i) means a small business restructuring practitioner for the

plan appointed under Part 5.3B of the Corporations Act

(as applied by section 522-1 of this Act); and

(ii) if 2 or more persons are appointed under that Part as

small business restructuring practitioners for the plan--

Consequential and transitional matters arising from corporate insolvency reforms

Schedule 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

has a meaning affected by paragraph 456N(2)(b) of that

Act as so applied; or

Torres Strait Islander corporation) but not in relation to a

restructuring plan:

(i) means a small business restructuring practitioner for the

body or entity appointed under Part 5.3B of the

Corporations Act; and

(ii) if 2 or more persons are appointed under that Part as

small business restructuring practitioners for the body or

entity--has a meaning affected by

paragraph 456M(2)(b) of the Corporations Act; or

(d) in relation to a restructuring plan made by a body corporate

(other than an Aboriginal and Torres Strait Islander

corporation):

(i) means a small business restructuring practitioner for the

plan appointed under Part 5.3B of the Corporations Act;

and

(ii) if 2 or more persons are appointed under that Part as

small business restructuring practitioners for the plan--

has a meaning affected by paragraph 456N(2)(b) of the

Corporations Act.

23 Application

--effect of appointment of special

administrator

Section 522-4 of the

Corporations (Aboriginal and Torres Strait

Islander) Act 2006

, as inserted by this Schedule, applies in relation to a

restructuring plan made on or after the commencement of this Schedule.

Corporations Act 2001

24 Section 91 (table item 15)

Repeal the item.

25 After paragraph 105B(2)(b)

Insert:

Schedule 2

Consequential and transitional matters arising from corporate insolvency

reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

(ba) if the originator has a principal place of business in Australia

and neither paragraph (a) nor (b) applies--the address of the

originator's principal place of business in Australia; and

26 After paragraph 105B(3)(b)

Insert:

(ba) if the addressee has a principal place of business in Australia

and neither paragraph (a) nor (b) applies--the address of the

addressee's principal place of business in Australia; and

27 Before paragraph 453B(2)(a)

Insert:

(aa) the company is, or is a related body corporate of, a body

regulated by APRA (within the meaning of the

Australian

Prudential Regulation Authority Act 1998

); or

28 Subsection 453D(1)

After "a restructuring practitioner", insert "for a company".

29 At the end of Subdivision C of Division 4 of Part 5.3B

Add:

456LA Restructuring practitioner has qualified privilege

A person who is or has been the restructuring practitioner for a

company or a company's restructuring plan has qualified privilege

in respect of a statement that the person has made, whether orally

or in writing, in the course of performing or exercising any of the

person's functions and powers as restructuring practitioner for the

company or the plan.

456LB Protection of persons dealing with restructuring practitioner

(1) Sections 128 and 129 apply in relation to a company that is under

restructuring as if:

(a) a reference in those sections to the company, or to an officer

of the company, included a reference to the restructuring

practitioner for the company; and

Consequential and transitional matters arising from corporate insolvency reforms

Schedule 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

(b) a reference in those sections to an assumption referred to in

section 129 included a reference to an assumption that the

restructuring practitioner is:

(i) acting within the restructuring practitioner's functions

and powers as restructuring practitioner; and

(ii) in particular, is complying with this Act.

(2) Sections 128 and 129 apply in relation to a company that has made

a restructuring plan as if:

(a) a reference in those sections to the company, or to an officer

of the company, included a reference to the restructuring

practitioner for the plan; and

(b) a reference in those sections to an assumption referred to in

section 129 included a reference to an assumption that the

restructuring practitioner is:

(i) acting within the restructuring practitioner's functions

and powers as restructuring practitioner; and

(ii) in particular, is complying with this Act.

(3) The effect that sections 128 and 129 have because of

subsections (1) and (2) of this section is additional to, and does not

prejudice, the effect that sections 128 and 129 otherwise have in

relation to a company that is under restructuring or that has made a

restructuring plan.

30 Before paragraph 500A(2)(a)

Insert:

(aa) the company is, or is a related body corporate of, a body

regulated by APRA (within the meaning of the

Australian

Prudential Regulation Authority Act 1998

); or

31 Paragraph 500AA(1)(g)

Repeal the paragraph, substitute:

(g) if the company is required by a taxation law (within the

meaning of the

Income Tax Assessment Act 1997

) to give a

return, notice, statement, application or other document

before the day the liquidator is appointed--the company has

substantially complied with that requirement.

Schedule 2

Consequential and transitional matters arising from corporate insolvency

reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

32 At the end of subsection 506(1A)

Add:

; and (c) in the case of a simplified liquidation process--a reference in

those subsections to a resolution of the creditors were a

reference to a resolution passed by the creditors without a

meeting in the circumstances prescribed under

paragraph 75-40(5)(b) of Schedule 2.

33 After paragraph 652C(2)(d)

Insert:

(da) a restructuring practitioner for the target, or for a subsidiary,

is appointed under section 453B;

(db) the target or a subsidiary makes a restructuring plan under

Division 3 of Part 5.3B;

34 Subparagraph 1274(2)(a)(iv)

After "or 533", insert ", or regulation 5.5.05 of the

Corporations

Regulations 2001

35 In the appropriate position in Chapter 10

Insert:

Part 10.59--Application provisions relating to the

Treasury Laws Amendment (2021

Measures No. 5) Act 2021

1686 Definitions

In this Part:

amending Schedule

means Schedule 2 to the

Treasury Laws

Amendment (2021 Measures No. 5) Act 2021

Consequential and transitional matters arising from corporate insolvency reforms

Schedule 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

1686A Qualified privilege for restructuring practitioners

Section 456LA, as inserted by the amending Schedule, applies in

relation to a statement made before, on or after the commencement

of that Schedule.

1686B Protection of persons dealing with restructuring practitioner

Section 456LB, as inserted by the amending Schedule, applies in

relation to a company that is under restructuring, or a company that

makes a restructuring plan, before, on or after the commencement

of that Schedule.

1686C Eligibility criteria for simplified liquidation

The amendment of paragraph 500AA(1)(g) by the amending

Schedule applies to a company if a triggering event occurs in

relation to the company before, on or after the commencement of

that Schedule.

1686D Powers and duties of liquidator

The amendment of subsection 506(1A) by the amending Schedule

applies in relation to a liquidator appointed before, on or after the

commencement of that Schedule.

1686E Withdrawal of market bids

The amendment of subsection 652C(2) by the amending Schedule

applies in relation to restructuring practitioners appointed, or

restructuring plans made, before, on or after the commencement of

that Schedule.

Crimes (Taxation Offences) Act 1980

36 Subsection 3(1) (paragraph (a) of the definition of

trustee

)

Before "guardian", insert "restructuring practitioner (within the

meaning of the

Corporations Act 2001

),".

Schedule 2

Consequential and transitional matters arising from corporate insolvency

reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

Customs Act 1901

37 After paragraph 67EB(4)(d)

Insert:

(e) whether the company is under restructuring within the

meaning of that Act; and

(ea) whether the company has made, under Division 3 of

Part 5.3B of that Act, a restructuring plan that has not yet

terminated; and

38 After paragraph 67H(3)(d)

Insert:

(e) whether the company is under restructuring within the

meaning of that Act; and

(ea) whether the company has made, under Division 3 of

Part 5.3B of that Act, a restructuring plan that has not yet

terminated; and

39 After paragraph 77K(3)(e)

Insert:

(f) whether the company is under restructuring within the

meaning of that Act; and

(fa) whether the company has made, under Division 3 of

Part 5.3B of that Act, a restructuring plan that has not yet

terminated; and

40 At the end of paragraph 77N(2)(c)

Add:

; or (v) a small business restructuring practitioner for the

company is appointed under section 453B of that Act;

(vi) the company makes a restructuring plan under

Division 3 of Part 5.3B of that Act;

41 After paragraph 81(3)(cb)

Insert:

Consequential and transitional matters arising from corporate insolvency reforms

Schedule 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

(d) whether the company is under restructuring within the

meaning of that Act; or

(da) whether the company has made, under Division 3 of

Part 5.3B of that Act, a restructuring plan that has not yet

terminated; or

42 After subparagraph 82(1)(ba)(iv)

Insert:

(iva) a small business restructuring practitioner for the

company is appointed under section 453B of that Act;

(ivb) the company makes a restructuring plan under

Division 3 of Part 5.3B of that Act;

43 At the end of subsection 102BA(2)

Add:

; and (e) whether the company is under restructuring within the

meaning of that Act; and

(f) whether the company has made, under Division 3 of

Part 5.3B of that Act, a restructuring plan that has not yet

terminated.

44 After paragraph 183CC(4A)(cb)

Insert:

(d) whether the company is under restructuring within the

meaning of that Act;

(da) whether the company has made, under Division 3 of

Part 5.3B of that Act, a restructuring plan that has not yet

terminated;

45 After subparagraph 183CG(1)(c)(iii)

Insert:

(iiia) a small business restructuring practitioner for the

company is appointed under section 453B of that Act;

(iiib) the company makes a restructuring plan under

Division 3 of Part 5.3B of that Act; or

Schedule 2

Consequential and transitional matters arising from corporate insolvency

reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

Education Services for Overseas Students Act 2000

46 Section 5 (paragraph (e) of the definition of

relevant

individual

)

Omit "or liquidator", substitute ", liquidator or restructuring practitioner

(within the meaning of the

Corporations Act 2001

)".

Excise Act 1901

47 Paragraph 39C(f)

Omit "Law", substitute "Act".

48 After paragraph 39C(f)

Insert:

(fa) whether the company is under restructuring within the

meaning of that Act; and

(fb) whether the company has made, under Division 3 of

Part 5.3B of that Act, a restructuring plan that has not yet

terminated; and

49 After subparagraph 39D(1)(f)(v)

Insert:

(va) a small business restructuring practitioner for the

company is appointed under section 453B of that Act;

(vb) the company makes a restructuring plan under

Division 3 of Part 5.3B of that Act;

Export Control Act 2020

50 After subparagraph 146(1)(c)(i)

Insert:

(ia) begins restructuring (within the meaning of

section 453A of that Act); or

51 After subparagraph 186(1)(c)(i)

Insert:

Consequential and transitional matters arising from corporate insolvency reforms

Schedule 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

(ia) begins restructuring (within the meaning of

section 453A of that Act); or

52 After subparagraph 219(1)(c)(i)

Insert:

(ia) begins restructuring (within the meaning of

section 453A of that Act); or

Fair Entitlements Guarantee Act 2012

53 Section 5 (after paragraph (b) of the definition of

insolvency practitioner

)

Insert:

(ba) a restructuring practitioner for the employer appointed under

that Act; or

54 Section 5 (paragraph (b) of the definition of

wages

entitlement period

)

After "insolvency practitioner", insert "(other than a restructuring

practitioner within the meaning of the

Corporations Act 2001

)".

55 Application of amendments

The amendments to the

Fair Entitlements Guarantee Act 2012

made by

this Schedule apply in relation to an employer that appoints a

restructuring practitioner (within the meaning of the

Corporations Act

2001

) before, on or after the commencement of this Schedule.

Income Tax Assessment Act 1997

56 Paragraph 175-100(b)

Omit "when the administration begins", substitute "when the company

becomes an entity mentioned in subparagraph (a)(i) or (ii)".

Schedule 2

Consequential and transitional matters arising from corporate insolvency

reforms

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

Insurance Act 1973

57 Subsection 3(1) (paragraph (c) of the definition of

external

administrator

)

Omit "manager;", substitute "manager.".

58 Subsection 3(1) (paragraph (d) of the definition of

external

administrator

)

Repeal the paragraph.

Life Insurance Act 1995

59 Dictionary (paragraph (c) of the definition of

external

administrator

)

Omit "manager;", substitute "manager.".

60 Dictionary (paragraph (d) of the definition of

external

administrator

)

Repeal the paragraph.

Superannuation Industry (Supervision) Act 1993

61 After paragraph 120(2)(c)

Insert:

(ca) a restructuring practitioner (within the meaning of the

Corporations Act 2001

) has been appointed in respect of the

body; or

Tax Agent Services Act 2009

62 Subsection 90-1(1)

Insert:

external administration

: a person goes into external administration

if the person becomes a Chapter 5 body corporate (within the

meaning of the

Corporations Act 2001

Miscellaneous and technical amendments

Schedule 3

Amendments commencing day after Royal Assent

Part 1

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

Schedule 3--Miscellaneous and technical

amendments

Part 1--Amendments commencing day after Royal

Assent

Division 1

--New Zealand auditors

Corporations Act 2001

1 Subsections 324BB(5) and 1280(4)

After "Australia", insert "or New Zealand".

2 Subparagraph 1292(1)(a)(ii)

After "Australia", insert "or New Zealand".

Division 2

--Country by country reporting

Income Tax Assessment Act 1997

3 Subparagraph 815-355(3)(a)(ii)

Omit "were", substitute "are".

4 Subparagraph 815-355(3)(a)(ii)

Omit "previous".

5 Application of amendments

The amendments made by this Division apply in relation to income

years or other periods starting on or after 1 July 2020.

Schedule 3

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

Division 3

--Recovery of overpayments

Superannuation (Unclaimed Money and Lost Members) Act

1999

6 After section 24NA

Insert:

24NAA Commissioner may recover overpayment

(1) This section applies if:

(a) the Commissioner makes a payment in respect of a person

under, or purportedly under, this Part; and

(b) the amount paid exceeds the amount (if any) properly

payable under this Part in respect of the person.

(2) The Commissioner may recover all or part of the excess from a

person (the

debtor

) described in subsection (3) as a debt due by the

debtor to the Commonwealth if the conditions specified in

subsection (4) are met.

(3) The persons from whom the Commissioner may recover are as

follows:

(a) the superannuation provider for the fund to which the

payment was made;

(b) if the payment, or an amount wholly or partly attributable to

that payment, was transferred to another fund--the

superannuation provider for that other fund.

(4) The conditions for recovery are that:

(a) the Commissioner gave the debtor written notice, as

prescribed by the regulations, of the proposed recovery and

the amount to be recovered; and

(b) at least 28 days have passed since the notice was given; and

in the notice.

(5) Despite subsections (2) and (3), if the Commissioner gives a notice

described in paragraph (4)(a) to a superannuation provider for a

fund, and the fund does not hold an amount attributable to the

Miscellaneous and technical amendments

Schedule 3

Amendments commencing day after Royal Assent

Part 1

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

payment, the Commissioner cannot recover from the

superannuation provider.

(6) The Commissioner may revoke a notice described in

paragraph (4)(a).

(7) The total of the amounts recovered from different debtors in

relation to the same excess must not be more than the excess.

(8) A notice described in paragraph (4)(a) is not a legislative

instrument.

7 Application of amendments

The amendment made by this Division applies in relation to the

recovery of overpayments on or after the commencement of this

Division, whether the overpayment occurred before, on or after that

commencement.

Division 4

--Consumer protections

Australian Securities and Investments Commission Act 2001

8 Subparagraphs 12DE(1)(b)(iii) and (2A)(b)(iii)

Omit "sale or grant, or the possible sale or grant,", substitute "supply or

possible supply".

9 After subsection 12DE(3)

Insert:

(3A) Subparagraph (1)(b)(iii) or (2A)(b)(iii) applies whether or not an

offer is made before or after the financial product consists of, or

includes, an interest in land.

10 Subsection 12DN(4) (heading)

Omit "

sale etc.

", substitute "

supply etc.

11 Subsection 12DN(4)

Omit "sale or grant, or possible sale or grant,", substitute "supply, or the

possible supply,".

Schedule 3

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

12 Subsection 12DN(4)

Omit "sale or grant" (third occurring), substitute "supply".

13 Paragraph 12DN(4)(a)

Omit "sold or granted", substitute "supplied".

14 Paragraphs 12DN(4)(b) and (c)

Omit "sells or grants", substitute "supplies".

15 After subsection 12DN(4)

Insert:

(4A) Subsection (4) applies whether or not a matter is published before

or after the financial product consists of, or includes, an interest in

land.

Division 5

--Civil penalties

Australian Securities and Investments Commission Act 2001

16 Paragraph 12GXB(1)(h)

Omit "on which", substitute "after".

17 Subsection 12GXC(3)

Omit "later", substitute "latest".

18 Subsection 12GXC(5)

Omit "earlier", substitute "latest".

19 Subsection 12GXC(6)

Omit "later", substitute "latest".

Corporations Act 2001

20 Paragraph 1317DAP(1)(h)

Omit "on which", substitute "after".

Miscellaneous and technical amendments

Schedule 3

Amendments commencing day after Royal Assent

Part 1

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

21 Subsection 1317DAQ(3)

Omit "later", substitute "latest".

22 Subsection 1317DAQ(5)

Omit "earlier", substitute "latest".

23 Subsection 1317DAQ(6)

Omit "later", substitute "latest".

Insurance Contracts Act 1984

24 Paragraph 75Y(1)(h)

Omit "on which", substitute "after".

25 Subsection 75Z(3)

Omit "later", substitute "latest".

26 Subsection 75Z(5)

Omit "earlier", substitute "latest".

27 Subsection 75Z(6)

Omit "later", substitute "latest".

National Consumer Credit Protection Act 2009

28 Paragraph 288L(1)(h)

Omit "on which", substitute "after".

29 Subsection 288M(3)

Omit "later", substitute "latest".

30 Subsection 288M(5)

Omit "earlier", substitute "latest".

31 Subsection 288M(6)

Omit "later", substitute "latest".

Schedule 3

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

Division 6

--Loss carry back choice

Income Tax Assessment Act 1936

32 Subsection 170(10AA) (after table item 165)

Insert:

168

Subsection 160-16(1)

Change of a loss carry back choice

Income Tax Assessment Act 1997

33 After section 160-15

Insert:

160-16 Changing a loss carry back choice

(1) An entity may change a

loss carry back choice for the 2020-21 or

2021-22 income year by notice, in the

approved form, given to the

Commissioner.

(2) The notice to change a

loss carry back choice for an income year

must be given to the Commissioner within the limited amendment

period (within the meaning of section 170 of the

Income Tax

Assessment Act 1936

) for an assessment for that income year.

(3) To avoid doubt, the change takes effect from the day the entity

made the original

loss carry back choice under section 160-15.

Division 7

--Franking account balance

Income Tax Assessment Act 1997

34 Subsection 205-15(1) (after table item 4)

Insert:

franking debit arises

under item 2 or 2A of the

table in

subsection 205-30(1)

because the entity

receives a

tax offset

the difference (if any)

between:

(a) the amount of the

franking debit; and

(b) the amount the

franking debit

on the day on which the

amount of the excess is

paid

Miscellaneous and technical amendments

Schedule 3

Amendments commencing day after Royal Assent

Part 1

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

refund; and

the entity's tax offset

refund is subsequently

reduced and the entity is

liable to pay to the

Commonwealth the

amount of the excess

mentioned in

subsection 172A(2) of

the

Income Tax

Assessment Act 1936

;

and

the entity pays the

amount of the excess

would have been if

the tax offset refund

were reduced by the

amount of the

excess

35 Subsection 219-15(2) (after table item 6)

Insert:

franking debit arises

under item 2 or 3 of the

table in

subsection 219-30(2)

because the company

receives a

tax offset

refund; and

the company's tax offset

refund is subsequently

reduced and the company

is liable to pay to the

Commonwealth the

amount of the excess

mentioned in

subsection 172A(2) of

the

Income Tax

Assessment Act 1936

;

and

the company pays the

amount of the excess

the difference (if any)

between:

(a) the amount of the

franking debit; and

(b) the amount the

franking debit would

have been if the tax

offset refund were

reduced by the amount

of the excess

on the day on which

the amount of the

excess is paid

Schedule 3

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

Division 8

--Protected information

Foreign Acquisitions and Takeovers Act 1975

36 Section 130

Repeal the section, substitute:

130 No requirement to provide protected information

A person (whether within or outside Australia) must not, except for

the purposes of this Act, be required to disclose, or produce a

document containing, protected information to:

(a) a court; or

(b) a tribunal, authority or person having power to require the

production of documents or the answering of questions.

Division 9

--Extension of decision period

Foreign Acquisitions and Takeovers Act 1975

37 Paragraph 61(1)(b)

Repeal the paragraph, substitute:

(b) if, before the end of the period (including the period as

extended under this paragraph), the person requests in

writing the Treasurer to extend the period--the period as so

extended;

extended under this paragraph or paragraph (b)), the

Treasurer extends the period under section 61A--the period

as so extended.

38 After section 61

Insert:

61A Treasurer may extend period by up to 90 days

(1) Before the end of a period mentioned in subsection 61(1), the

Treasurer may, by notice in writing given to the person mentioned

Miscellaneous and technical amendments

Schedule 3

Amendments commencing day after Royal Assent

Part 1

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

in that subsection, extend (or further extend) the period. The

Treasurer may do so more than once.

(2) The total number of days by which the Treasurer may extend a

period by notices given under this section must not exceed 90 days.

(3) The notice:

(a) must include the reasons for the decision; and

(b) may be given to the person at an address (including an

electronic address) specified in the application by the person

as the address for service of notices relating to the

application.

(4) The Treasurer is not required to observe any requirements of the

natural justice hearing rule in making a decision under

subsection (1).

39 Application of amendments

The amendment of section 61 of the

Foreign Acquisitions and

Takeovers Act 1975

, made by this Division, and section 61A of that

Act, as inserted by this Division, apply in relation to an application for

an exemption certificate made on or after the commencement of this

Division.

Division 10

--Temporary full expensing

Income Tax (Transitional Provisions) Act 1997

40 At the end of section 40-157

Add:

(5) For the purposes of paragraph (3)(b), to work out the cost of a

depreciating asset that is capital works (see section 43-20 of the

Income Tax Assessment Act 1997

(a) disregard section 40-45 of that Act and work out the cost of

the capital works using Subdivision 40-C of that Act; and

(b) disregard section 40-215 of that Act.

Schedule 3

Miscellaneous and technical amendments

Part 1

Amendments commencing day after Royal Assent

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

41 Application of amendments

The amendment made by this Division applies for working out the

amounts under subsection 40-157(3) of the

Income Tax (Transitional

Provisions) Act 1997

for the 2016-17, 2017-18 and 2018-19 income

years.

Miscellaneous and technical amendments

Schedule 3

Amendments commencing the first 1 January, 1 April, 1 July or 1 October to occur after

Royal Assent

Part 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

Part 2--Amendments commencing the first

1 January, 1 April, 1 July or 1 October to

occur after Royal Assent

Division 1

--Repeal of redundant provisions

Income Tax Assessment Act 1997

42 Subsections 293-115(6) and (7) and 293-145(2) and (2A)

Repeal the subsections.

Taxation Administration Act 1953

43 Subsections 133-130(3) and (4) in Schedule 1

Repeal the subsections.

Division 2

--GST free cars

A New Tax System (Goods and Services Tax) Act 1999

44 Paragraph 38-510(1)(a)

Repeal the paragraph, substitute:

(a) has a current certificate of medical eligibility issued by a

medical practitioner, in the

approved form, certifying that

the individual has lost the use of one or more limbs to such

an extent that the individual is unable to use public transport;

and

45 Section 195-1 (definition of

officer

)

Omit ", except in section 38-510,".

Schedule 3

Miscellaneous and technical amendments

Part 2

Amendments commencing the first 1 January, 1 April, 1 July or 1 October to

occur after Royal Assent

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

A New Tax System (Luxury Car Tax) Act 1999

46 Section 27-1 (paragraph (b) of the definition of

disabled

person

)

Omit "disability certificate", substitute "certificate of medical

eligibility".

Division 3

--Agents of covered entities

Taxation Administration Act 1953

47 At the end of subsection 355-25(2) in Schedule 1

Add:

; or (h) the covered entity is the registered tax agent or BAS agent of

another covered entity mentioned in paragraph (c), (d) or (e)

in relation to the relevant primary entity mentioned in those

paragraphs; or

(i) the covered entity is a legal practitioner representing another

covered entity mentioned in paragraph (c), (d) or (e) in

relation to the affairs of the relevant primary entity

mentioned in those paragraphs relating to one or more

taxation laws.

48 Application of amendments

The amendment made by this Division applies in relation to the making

of a record or the disclosure of information occurring on or after the

commencement of this Division, whether the information was acquired

before, on or after that commencement.

Division 4

--Deductible gift recipient

Income Tax Assessment Act 1997

49 Subsection 30-55(2) (table item 6.2.9, column headed

"Fund, authority or institution")

Omit "the Nature Foundation SA Incorporated", substitute "Nature

Foundation Limited".

Miscellaneous and technical amendments

Schedule 3

Amendments commencing the first 1 January, 1 April, 1 July or 1 October to occur after

Royal Assent

Part 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

50 Section 30-315 (table item 77A)

Omit "Nature Foundation SA Incorporated", substitute "Nature

Foundation Limited".

51 Application of amendments

The amendments made by this Division apply in relation to gifts or

contributions made on or after 12 December 2019.

Division 5

--Expired deductible gift recipients

Income Tax Assessment Act 1997

52 Subsection 30-25(2) (table items 2.2.34 and 2.2.38)

Repeal the items.

53 Subsection 30-40(2) (table item 3.2.11)

Repeal the item.

54 Subsection 30-50(2) (table items 5.2.26, 5.2.28, 5.2.29,

5.2.30, 5.2.32 and 5.2.33)

Repeal the items.

55 Subsection 30-80(2) (table items 9.2.2, 9.2.9, 9.2.13, 9.2.17,

9.2.19 and 9.2.22)

Repeal the items.

56 Section 30-105 (table items 13.2.8, 13.2.14A, 13.2.17 and

13.2.18)

Repeal the items.

57 Section 30-315 (table items 2AAC, 2ACA, 24B, 27AA and

28ABA)

Repeal the items.

58 Section 30-315 (table item 30AA, column headed

"Provision")

Omit "items 5.2.26 and", substitute "item".

Schedule 3

Miscellaneous and technical amendments

Part 2

Amendments commencing the first 1 January, 1 April, 1 July or 1 October to

occur after Royal Assent

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

59 Section 30-315 (table items 44AAAA, 52A, 70AA, 72AA,

73AA, 81A, 94, 110, 112AF, 124A, 127A and 127B)

Repeal the items.

Division 6

--Deductible gift recipient

Income Tax Assessment Act 1997

60 Subsection 30-100(2) (table item 12.2.2, column headed

"Fund, authority or institution")

Omit "Australian Business Arts Foundation Ltd.", substitute "Creative

Partnerships Australia Ltd".

61 Section 30-315 (table item 17AA)

Repeal the item.

62 Section 30-315 (after table item 40A)

Insert:

40AA

Creative Partnerships Australia Ltd

item 12.2.2

63 Application of amendments

The amendments made by this Division apply in relation to gifts or

contributions made on or after 5 October 2020.

Division 7

--Minor amendment

Taxation Administration Act 1953

64 Subsection 12-439(4) in Schedule 1

Omit "(2)", substitute "(3)".

Miscellaneous and technical amendments

Schedule 3

Amendments commencing the first 1 January, 1 April, 1 July or 1 October to occur after

Royal Assent

Part 2

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

Division 8

--Finance leases

Income Tax Assessment Act 1997

65 Subsection 705-25(5) (note 2)

Omit "finance".

66 Section 705-56 (heading)

Omit "

finance

67 Subsection 705-56(1)

Repeal the subsection, substitute:

Application of this section

(1) This section applies if, just before the joining time, the joining

entity is the lessor or lessee under a lease of a

depreciating asset

(the

underlying asset

) to which Division 40 applies.

68 Subsection 711-45(2A) (heading)

Omit "

finance

69 Application of amendments

The amendments of the

Income Tax Assessment Act 1997

made by this

Division apply in relation to an entity that becomes, on or after

1 January 2019, a subsidiary member of a consolidated group or a

subsidiary member of a MEC group.

Division 9

--Low pool value

Income Tax (Transitional Provisions) Act 1997

70 Subsection 328-180(6) (heading)

Repeal the heading, substitute:

Schedule 3

Miscellaneous and technical amendments

Part 2

Amendments commencing the first 1 January, 1 April, 1 July or 1 October to

occur after Royal Assent

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

Low pool value

Division 10

--Refund of excess low balance fees

Income Tax Assessment Act 1997

71 At the end of subsection 291-25(2)

Add:

; and (e) it is

not

an amount mentioned in subsection 99G(6) of the

Superannuation Industry (Supervision) Act 1993

that is

refunded in accordance with that subsection.

72 Application of amendment

The amendment made by this Division applies in relation to the amount

of your concessional contributions for the 2021-22 financial year and

later financial years.

Miscellaneous and technical amendments

Schedule 3

Other amendments

Part 3

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

Part 3--Other amendments

Division 1

--Delegation

Life Insurance Act 1995

73 After subsection 216(14A)

Insert:

(14B) The Treasurer may, in writing, delegate any of the Treasurer's

functions or powers under this section to:

(a) a non-corporate Commonwealth entity for which the

Treasurer is the responsible Minister; or

(b) a member, or staff member, of such an entity.

74 Subsection 216(15)

Insert:

non-corporate Commonwealth entity

has the same meaning as in

the

Public Governance, Performance and Accountability Act 2013

responsible Minister

has the same meaning as in the

Public

Governance, Performance and Accountability Act 2013

Division 2

--KiwiSaver scheme

Superannuation (Unclaimed Money and Lost Members) Act

1999

75 Section 7

Omit:

If the Commissioner is satisfied he or she has received a payment

under this Act for such a member, the Commissioner must pay the

amount he or she has received (and interest, in some cases) to the

member, to a fund identified by the member or, if the member has

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

died, to the member's death beneficiaries or legal personal

representative.

substitute:

If the Commissioner is satisfied the Commissioner has received a

payment under this Act for such a member, the Commissioner

must pay the amount received (and interest, in some cases) to:

(a)

the member; or

(b)

a fund identified by the member; or

(c)

a KiwiSaver scheme provider identified by the member;

(d)

if the member has died--the member's death

beneficiaries or legal personal representative.

76 Section 7

Omit:

Superannuation of eligible rollover fund members

Superannuation providers who are trustees of eligible rollover

funds must, by 30 June 2021 and 31 January 2022, give the

Commissioner of Taxation details relating to accounts of those

funds.

Superannuation providers must pay to the Commissioner of

Taxation the value of any such accounts. Payments must be made

by 30 June 2021 (for accounts that had balances of less than $6,000

on 1 June 2021) and 31 January 2022 (for all other accounts).

Later, the Commissioner must, if satisfied that it is possible to do

so, pay an amount the Commissioner has received in respect of a

person:

(a)

to a fund identified by the person; or

(b)

if the person has reached eligibility age or the amount is

less than $200--to the person; or

(c)

if the person has died--to the person's death

beneficiaries or legal personal representative.

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Part 3

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

substitute:

Superannuation of eligible rollover fund members

Superannuation providers who are trustees of eligible rollover

funds must, by 30 June 2021 and 31 January 2022, give the

Commissioner of Taxation details relating to accounts of those

funds.

Superannuation providers must pay to the Commissioner of

Taxation the value of any such accounts. Payments must be made

by 30 June 2021 (for accounts that had balances of less than $6,000

on 1 June 2021) and 31 January 2022 (for all other accounts).

Later, the Commissioner must, if satisfied that it is possible to do

so, pay an amount the Commissioner has received in respect of a

person:

(a)

to a fund identified by the person; or

(b)

to a KiwiSaver scheme provider identified by the

person; or

(c)

if the person has reached eligibility age or the amount is

less than $200--to the person; or

(d)

if the person has died--to the person's death

beneficiaries or legal personal representative.

77 Section 7

Omit:

Voluntary payments by superannuation providers

A superannuation provider may pay to the Commissioner of

Taxation any amount it holds on behalf of a member, former

member or non-member spouse if it reasonably believes paying the

amount to the Commissioner is in the best interests of the member,

former member or non-member spouse.

Later, the Commissioner must, if satisfied that it is possible to do

so, pay an amount the Commissioner has received in respect of a

person:

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

(a)

to a fund identified by the person; or

(b)

if the person has reached eligibility age or the amount is

less than $200--to the person; or

(c)

if the person has died--to the person's death

beneficiaries or legal personal representative.

substitute:

Voluntary payments by superannuation providers

A superannuation provider may pay to the Commissioner of

Taxation any amount it holds on behalf of a member, former

member or non-member spouse if it reasonably believes paying the

amount to the Commissioner is in the best interests of the member,

former member or non-member spouse.

Later, the Commissioner must, if satisfied that it is possible to do

so, pay an amount the Commissioner has received in respect of a

person:

(a)

to a fund identified by the person; or

(b)

to a KiwiSaver scheme provider identified by the

person; or

(c)

if the person has reached eligibility age or the amount is

less than $200--to the person; or

(d)

if the person has died--to the person's death

beneficiaries or legal personal representative.

78 Section 8

Insert:

New Zealand eligibility age

means the age specified in

subsection 7(1) of the

New Zealand Superannuation and

Retirement Income Act 2001

of New Zealand as amended from

time to time.

New Zealand-sourced amount

has the meaning given by the

regulations mentioned in section 312-5 of the

Income Tax

Assessment Act 1997

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Part 3

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

self managed superannuation fund

has the meaning given by

section 17A of the SIS Act.

79 After subsection 17(2)

Insert:

(2AAA) Despite paragraph (2)(a), the Commissioner must not pay the

unclaimed money to a single fund if the unclaimed money includes

a New Zealand-sourced amount and either:

(a) the fund is a self managed superannuation fund; or

(b) the superannuation provider for the fund has not notified the

Commissioner, in the approved form, that the fund accepts

New Zealand-sourced amounts.

80 After subsection 17(2AA)

Insert:

(2AAB) Despite paragraph (2)(d), the Commissioner must not pay the

unclaimed money to the person if the unclaimed money includes a

New Zealand-sourced amount and the person has not reached the

New Zealand eligibility age.

81 After subsection 20H(2)

Insert:

(2AAA) Despite paragraph (2)(b), the Commissioner must not pay the

excess to a single fund if the excess includes a New

Zealand-sourced amount and either:

(a) the fund is a self managed superannuation fund; or

(b) the superannuation provider for the fund has not notified the

Commissioner, in the approved form, that the fund accepts

New Zealand-sourced amounts.

82 After subsection 20QF(2)

Insert:

(2A) Despite paragraph (2)(a), the Commissioner must not pay the

amount to a single fund if the amount includes a New

Zealand-sourced amount and either:

(a) the fund is a self managed superannuation fund; or

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

(b) the superannuation provider for the fund has not notified the

Commissioner, in the approved form, that the fund accepts

New Zealand-sourced amounts.

83 Subparagraph 20QF(3)(b)(i)

After "age", insert "and, if the amount includes a New Zealand-sourced

amount, the New Zealand eligibility age".

84 After subsection 21E(2)

Insert:

(2A) Despite paragraph (2)(a), the Commissioner must not pay the

amount to a single fund if the amount includes a New

Zealand-sourced amount and either:

(a) the fund is a self managed superannuation fund; or

(b) the superannuation provider for the fund has not notified the

Commissioner, in the approved form, that the fund accepts

New Zealand-sourced amounts.

85 Subparagraph 21E(3)(b)(i)

After "age", insert "and, if the amount includes a New Zealand-sourced

amount, the New Zealand eligibility age".

86 After paragraph 22B(2)(a)

Insert:

(aa) to a single KiwiSaver scheme provider if:

(i) the person has not died; and

(ii) the person directs the Commissioner to pay to the

KiwiSaver scheme provider; and

(iii) the matters (if any) prescribed by the regulations are

satisfied; or

87 After subsection 22B(2)

Insert:

(2A) Despite paragraph (2)(a), the Commissioner must not pay the

amount to a single fund if the amount includes a New

Zealand-sourced amount and either:

(a) the fund is a self managed superannuation fund; or

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

(b) the superannuation provider for the fund has not notified the

Commissioner, in the approved form, that the fund accepts

New Zealand-sourced amounts.

88 Paragraph 22B(3)(a)

Omit "subparagraph (2)(a)(ii) does", substitute "subparagraphs (2)(a)(ii)

and (aa)(ii) do".

89 Subparagraph 22B(3)(b)(i)

After "age", insert "and, if the amount includes a New Zealand-sourced

amount, the New Zealand eligibility age".

90 Paragraph 22B(5)(a)

After "a fund,", insert "a KiwiSaver scheme provider,".

91 Paragraph 22B(5)(b)

After "(2)(a),", insert "(aa),".

92 Subsection 22B(5)

After "the fund,", insert "KiwiSaver scheme provider,".

93 Paragraph 22E(1)(a)

After "this Part", insert "(other than a payment to a KiwiSaver scheme

provider)".

94 Paragraph 22F(1)(a)

Omit "subsection 22B(2) or (5)", substitute "paragraph 22B(2)(a) or

subsection 22B(5)".

95 After subsection 24G(2)

Insert:

(2AA) Despite paragraph (2)(a), the Commissioner must not pay the

amount to a single fund if the amount includes a New

Zealand-sourced amount and either:

(a) the fund is a self managed superannuation fund; or

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

(b) the superannuation provider for the fund has not notified the

Commissioner, in the approved form, that the fund accepts

New Zealand-sourced amounts.

96 Subparagraph 24G(2A)(b)(i)

After "age", insert "and, if the amount includes a New Zealand-sourced

amount, the New Zealand eligibility age".

97 At the end of subsection 24NA(2)

Add:

; and (f) in the case that the amount includes a New Zealand-sourced

amount--either:

(i) the fund is not self managed superannuation fund; or

(ii) the superannuation provider for the fund has notified the

Commissioner, in the approved form, that the fund

accepts New Zealand-sourced amounts.

98 After section 49

Insert:

49AA Money paid to Commissioner that is a New Zealand-sourced

amount

The Commissioner must administer any money paid to the

Commissioner under this Act in a way that allows any New

Zealand-sourced amount to be identified separately.

99 Application of amendments

(1)

Section 49AA of the

Superannuation (Unclaimed Money and Lost

Members) Act 1999

inserted by this Division applies in relation to

money paid to the Commissioner under that Act on or after the

commencement of this Division.

(2)

The amendments of the

Superannuation (Unclaimed Money and Lost

Members) Act 1999

made by this Division (other than the amendment

mentioned in subitem 1) apply in relation to payments of amounts made

by the Commissioner on or after the commencement of this Division,

regardless of when the amounts were received by the Commissioner.

Miscellaneous and technical amendments

Schedule 3

Other amendments

Part 3

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

Division 3

--Amendments of the Treasury Laws

Amendment (Registries Modernisation and

Other Measures) Act 2020

Treasury Laws Amendment (Registries Modernisation and

Other Measures) Act 2020

100 Subsection 2(1) (table item 4)

Repeal the item, substitute:

4. Schedule 1,

item 1261

The day after the

Treasury Laws Amendment

(2021 Measures No. 5)

Act 2021

receives the

Royal Assent.

101 Item 359 of Schedule 1

Repeal the item, substitute:

359 In the appropriate position

Insert:

Schedule 4--Transitional provisions relating

to the Treasury Laws Amendment

(Registries Modernisation and Other

Measures) Act 2020

1 Definitions

In this Schedule:

amending item

means an item of Part 2 of Schedule 1 to the

Treasury

Laws Amendment (Registries Modernisation and Other Measures) Act

2020

that amends a provision of the Business Names Registration Act

or this Act.

commencement day

, for an amending item, means the day the

amending item commences.

Note:

Amendments of provisions of the Business Names Registration Act or this Act made by

an amending item apply on and after the commencement day for the amending item.

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

2 Liability for damages

Section 78 of the Business Names Registration Act, as in force

immediately before the commencement day for amending item 322,

continues to apply, on and after that day, in relation to an act done or

omitted to be done:

(a) before that day by ASIC or a person mentioned in

paragraphs (c) to (e) of that section; or

(b) on and after that day by ASIC, or a person mentioned in

paragraphs (c) to (e) of that section, in accordance with

item 4 of this Schedule.

3 Notice nominating or withdrawing nomination of principal

contact

A notice that:

(a) nominates, or withdraws the nomination of, a person as the

principal contact in relation to an entity under section 82, 84,

86 or 87 of the Business Names Registration Act; and

(b) is lodged with ASIC before the day that section is amended

by an amending item;

continues in force (and may be dealt with) on and after that day as if the

notice had been lodged with the Registrar.

4 Things started but not finished by ASIC

If:

(a) before the commencement day for an amending item that

amends a provision of the Business Names Registration Act

or Schedule 1 to this Act, ASIC started doing a thing under

the provision as in force immediately before that day; and

(b) immediately before that day, ASIC had not finished doing

that thing;

functions of the Registrar;

then, on and after that day:

(d) ASIC may finish doing the thing as if the thing were being

done by the Registrar in the performance or exercise of the

Registrar's functions or powers; or

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

(e) if ASIC does not finish doing the thing under paragraph (c)--

the Registrar may finish doing the thing in the performance

or exercise of the Registrar's functions or powers.

102 Item 1261 of Schedule 1 (note)

Repeal the note.

103 Item 1315 of Schedule 1

Repeal the item, substitute:

1315 In the appropriate position in Chapter 10

Insert:

Part 10.35--Transitional provisions relating to

Schedule 1 to the Treasury Laws

Amendment (Registries Modernisation and

Other Measures) Act 2020

1650 Definitions

In this Part:

amending item

means an item of Part 2 of Schedule 1 to the

Treasury Laws Amendment (Registries Modernisation and Other

Measures) Act 2020

that amends a provision of this Act.

commencement day

, for an amending item, means the day the

amending item commences.

Note:

Amendments of provisions of this Act made by an amending item

apply on and after the commencement day for the amending item.

1651 Things started but not finished by ASIC

If:

(a) before the commencement day for an amending item that

amends a provision of this Act, ASIC started doing a thing

under the provision as in force immediately before that day;

and

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

(b) immediately before that day, ASIC had not finished doing

that thing; and

functions of the Registrar;

then, on and after that day:

(d) ASIC may finish doing the thing as if the thing were being

done by the Registrar in the performance or exercise of the

Registrar's functions or powers; or

(e) if ASIC does not finish doing the thing under

paragraph (d)--the Registrar may finish doing the thing in

the performance or exercise of the Registrar's functions or

powers.

1652 Register of Liquidators

The Registrar must include in the record maintained under

section 15-1 of Schedule 2 details contained, immediately before

the commencement day for amending item 1317, in the Register of

Liquidators formerly established and maintained under

section 15-1 of Schedule 2 as in force immediately before that day.

104 Item 1414 of Schedule 1

Repeal the item, substitute:

1414 In the appropriate position

Insert:

Schedule 7--Application and transitional

provisions for the Treasury Laws

Amendment (Registries Modernisation

and Other Measures) Act 2020

1 Definitions

In this Schedule:

amending item

means an item of Part 2 of Schedule 1 to the

Treasury

Laws Amendment (Registries Modernisation and Other Measures) Act

2020

that amends a provision of the National Credit Act.

Miscellaneous and technical amendments

Schedule 3

Other amendments

Part 3

No. , 2021

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

commencement day

, for an amending item, means the day the

amending item commences.

Note:

Amendments of provisions of the National Credit Act made by an amending item apply

on and after the commencement day for the amending item.

2 Things started but not finished by ASIC

If:

(a) before the commencement day for an amending item that

amends a provision of the National Credit Act, ASIC started

doing a thing under the provision as in force immediately

before that day; and

(b) immediately before that day, ASIC had not finished doing

that thing; and

functions of the Registrar;

then, on and after that day:

(d) ASIC may finish doing the thing as if the thing were being

done by the Registrar in the performance or exercise of the

Registrar's functions or powers; or

(e) if ASIC does not finish doing the thing under

paragraph (d)--the Registrar may finish doing the thing in

the performance or exercise of the Registrar's functions or

powers.

105 Items 1465 and 1466 of Schedule 1

Repeal the items, substitute:

1465 Definitions

In this Schedule:

commencement day

, for an item of this Schedule that amends a

provision of the

Superannuation Industry (Supervision) Act 1993

means the day that item commences.

Note:

Amendments of the

Superannuation Industry (Supervision) Act 1993

made by an item

of this Schedule apply on and after the commencement day for that item.

106 Paragraph 1467(a) of Schedule 1

Repeal the paragraph, substitute:

Schedule 3

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Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

No. , 2021

(a) before the commencement day for an item of this Schedule

that amends a provision of the

Superannuation Industry

(Supervision) Act 1993

, ASIC started doing a thing under the

provision as in force immediately before that day; and

Division 4

--Amendments of the Treasury Laws

Amendment (2020 Measures No. 6) Act 2020

Treasury Laws Amendment (2020 Measures No. 6) Act 2020

107 Subsection 2(1) (table item 10)

Repeal the item, substitute:

10. Schedule 4,

items 115 to 120

A day or days to be fixed by Proclamation.

However, if any of the provisions do not

commence before 1 July 2024, they

commence on that day.

108 Subsection 2(1) (table items 14 and 15)

Repeal the items, substitute:

14. Schedule 4,

items 127 to 142

A day or days to be fixed by Proclamation.

However, if any of the provisions do not

commence before 1 July 2024, they

commence on that day.

15. Schedule 4,

items 143 and 144

4 April 2021.

4 April 2021

Commonwealth of Australia Bills

TREASURY LAWS AMENDMENT (2021 MEASURES NO. 5) BILL 2021